Gold prices pull back from nine-day high as bulls are catching breath amid risk aversion elsewhere. The US 10-year treasury yields drop to a fresh record low, Asian stocks also nosedive. Fed policymakers pour cold water on expectations of another rate cut in March. Coronavirus cases keep increasing, market fears spread in the US. Gold prices slip from the monthly high to $1,671.72 by the press time of the Asian session on Friday. The yellow metal surged the previous day amid broad US dollar weakness and increasing worries concerning coronavirus (COVID-19). However, the bulls seem to catch breath despite rising safe-haven demand of the US bonds and declining Asian stocks. The US 10-year treasury yields drop to the record low of 0.843% down eight pips whereas Japan’s NIKKEI and Hong Kong’s HANG SENG both are down more than 2.0%. The reason could be traced from the market’s fear of coronavirus-led economic pessimism. Latest numbers from the US, China and South Korea signal that the deadly virus continues to spread despite the governments’ efforts. It’s worth mentioning that the US Vice President’s comments of lacking virus testing kits as well as Japan’s policymaker’s statements seem to weigh on the trade sentiment off-late. Even so, the US dollar fails to enjoy the risk-off as traders are increasingly expecting another rate cut from the US Federal Reserve. The Fed policymakers have so far turned down any such aspects for their March 18 meeting, except for the latest one coming from the New York Fed President John Williams. Although COVID-19 headlines will be the key to determine near-term market moves, the pre-NFP mood of the market might weigh on the further momentum of assets. Technical Analysis Given the bullion’s nearness to record high amid bullish MACD, gold prices are likely to rise further towards an ascending trend line joining the highs marked in January and February, currently near $1,710. On the downside, $1,660 can act as immediate support ahead of $1,650/48 and $1,630 rest-points. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NZD/USD Price Analysis: Key Fibonacci hurdle again caps upside FX Street 3 years Gold prices pull back from nine-day high as bulls are catching breath amid risk aversion elsewhere. The US 10-year treasury yields drop to a fresh record low, Asian stocks also nosedive. Fed policymakers pour cold water on expectations of another rate cut in March. Coronavirus cases keep increasing, market fears spread in the US. Gold prices slip from the monthly high to $1,671.72 by the press time of the Asian session on Friday. The yellow metal surged the previous day amid broad US dollar weakness and increasing worries concerning coronavirus (COVID-19). However, the bulls seem to catch breath despite rising… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.